To develop an understanding of the provisions of income-tax law and goods and services tax law and to acquire the ability to apply such knowledge to make computations and address application oriented issues.
Section A: Income-tax Law (60 Marks)
Contents
Basic Concepts
Income-tax law: An introduction
Important definitions in the Income-tax Act, 1961
Concept of previous year and assessment year
Basis of Charge and Rates of Tax
Residential status and scope of total income
Residential status
Scope of total income
Incomes which do not form part of total income (other than charitable trusts and institutions, political parties and electoral trusts)
Incomes not included in total income
Tax holiday for newly established units in Special Economic Zones
Heads of income and the provisions governing computation of income under different heads
Salaries
Income from house property
Profits and gains of business or profession
Capital gains
Income from other sources
Income of other persons included in assessee's total income
Clubbing of income: An introduction
Transfer of income without transfer of assets
Income arising from revocable transfer of assets
Clubbing of income of income arising to spouse, minor child and son's wife in certain cases
Conversion of self-acquired property into property of HUF
Aggregation of income; Set-off, or carry forward and set-off of losses
Aggregation of income
Concept of set-off and carry forward and set-off of losses
Provisions governing set-off and carry forward and set-off of losses under different heads of income
Order of set-off of losses
Deductions from gross total income
General provisions
Deductions in respect of certain payments
Specific deductions in respect of certain income
Deductions in respect of other income
Other deductions
Computation of total income and tax liability of individuals
Income to be considered while computing total income of individuals
Procedure for computation of total income and tax liability of individuals
Advance tax, tax deduction at source and introduction to tax collection at source
Introduction
Direct Payment
Provisions concerning deduction of tax at source
Advance payment of tax
Interest for defaults in payment of advance tax and deferment of advance tax
Tax collection at source - Basic concept
Tax deduction and collection account number
Provisions for filing return of income and self-assessment
Return of Income
Compulsory filing of return of income
Fee and Interest for default in furnishing return of income
Return of loss
Provisions relating to belated return, revised return etc.
Permanent account number
Persons authorized to verify return of income
Self-assessment.
Section B: Indirect Taxes (40 Marks)
Contents
Concept of indirect taxes
Concept and features of indirect taxes
Principal indirect taxes
Goods and Services Tax (GST) Laws
GST Laws: An introduction including Constitutional aspects
Levy and collection of CGST and IGST
Application of CGST/IGST law
Concept of supply including composite and mixed supplies
Charge of tax
Exemption from tax
Composition levy
Basic concepts of time and value of supply
Input tax credit
Computation of GST liability
Registration
Tax invoice; Credit and Debit Notes; Electronic way bill
Returns
Payment of tax including reverse charge
NOTE If any new legislation(s) is enacted in place of an existing legislation(s), the syllabus will accordingly include the corresponding provisions of such new legislation(s) in place of the existing legislation(s) with effect from the date to be notified by the Institute. Similarly, if any existing legislation ceases to have effect, the syllabus will accordingly exclude such legislation with effect from the date to be notified by the Institute. Students shall not be examined with reference to any particular State GST Law.
Consequential/corresponding amendments made in the provisions of the Income-tax law and Goods and Services Tax laws covered in the syllabus of this paper which arises out of the amendments made in the provisions not covered in the syllabus will not form part of the syllabus. Further, the specific inclusions/exclusions in the various topics covered in the syllabus will be affected every year by way of Study Guidelines. The specific inclusions/exclusions may also arise due to additions/deletions every year by the Annual Finance Act.
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